Governing Board composition sets strict director categories and independent director eligibility, reshaping information utility governance. The amendment adds a definition of the Board and replaces regulation 9 to mandate Governing Board composition (managing director, independent directors, shareholder directors) with residency and majority requirements, detailed independent director eligibility, nomination and term limits including a cooling-off period, and mandatory disclosure of conflicts. Regulation 9A prescribes managing director selection by open advertisement, age and tenure limits, appointment and remuneration approval processes, removal procedures including Board and Board-level oversight, and a one-year compliance deadline for existing information utilities.